On Friday, U.S. Sen. Tim Scott, the top Republican from South Carolina and a member of the Senate Banking Committee, was among the keynote speakers at the Bitcoin Conference 2024. Scott, who could chair the committee if Republicans regain control of the Senate, delivered a strong message: The government must support the crypto industry.
“We have to get rid of the people who stand in our way,” Scott said, specifically pointing to SEC Chairman Gary Gensler as the main obstacle to crypto innovation.
Speaking with fellow crypto enthusiast U.S. Sen. Cynthia Lummis (R-Wyoming), Scott’s comments were linked to a group that is ready to seek additional legislative support. Scott has been fairly quiet on crypto issues up until now, so his enthusiastic support at this event marks a change.
US Sen. Cynthia Lummis with Sen. Tim Scott at Bitcoin 2024. Photo: Brady Dale/Axios
He said:
“Bitcoin aims to return resources to communities that need them most and give all Americans a chance.
Senate Banking Committee under Republican leadership
One recurring theme in Scott’s pitch was his prospects for the Senate Banking Committee chairmanship. If he gets the job, crypto laws could enter a new chapter. Scott promised to prioritize Senator Lummis’s move, which seeks to “unlock bitcoin here at home,” thus ensuring a quick vote.
Bitcoin aims to return resources to communities that need them most and give all Americans a chance.#Bitcoin2024 pic.twitter.com/cbMnnoJdfd
— Tim Scott (@SenatorTimScott) July 26, 2024
Lummis, a vocal cryptocurrency advocate, has been pushing for legislation that would require the Federal Reserve to hold bitcoin as a strategic reserve asset. She did not address the issue during the conference, but her dedication to incorporating crypto into national financial planning was clear. Lummis expects Scott’s leadership to be crucial in getting such innovative ideas through the Senate.
BTC market cap currently at $1.34 trillion on the daily chart: TradingView.com
Despite the positive wording, Congress is still struggling to legislate cryptocurrencies. Some bills have passed in the House but have stalled in the Senate. The legislative session is coming to an end and the 2024 elections are approaching, so it is unlikely that cryptocurrency legislation will pass this year. Sometimes, these activities pave the way for future actions and lengthy negotiations.
As the highest republican in @bankingbobI fight to ensure that rules and regulations do not stifle innovation. #Bitcoin2024 pic.twitter.com/9BLBWBjcxj
— Tim Scott (@SenatorTimScott) July 26, 2024
Bitcoin as a strategic reserve
The conference also featured notable contributions from well-known players in the cryptocurrency world. Michael Saylor, CEO of MicroStrategy, the largest holder of Bitcoin, said that the United States should try to buy 4 million Bitcoin to boost its treasury and financial position.
Katie Wood, CEO of ARK Invest, agreed with Sailor that digital assets are an important national resource and drew attention to the idea of a strategic reserve.
Meanwhile, Robert F. Kennedy, an independent presidential candidate, has promised to make Bitcoin a strategic reserve currency if he wins the election. This bipartisan support shows that more and more people see cryptocurrencies as an important form of currency.
Bitcoin’s innovations are becoming more apparent in the US Senate, Loomis added, as is who wants to protect the innovation and who wants to control it.
Featured image by eBizMBA, chart by TradingView